New York State’s Taxing and Spending Values

Predicting the future

To submit a good estimate to the governor’s office, the agencies must predict the number of people who will apply for unemployment insurance and how many prisoners would be released from prison, as well as how many new prisoners will be arriving in a year and a half’s time.

We will write a
custom essay
specifically for you

for only $16.05 $11/page
308 certified writers online
Learn More

The state is able to balance the budget by foreseeing the amount of revenue to be captured as well as forecasting the employment and inflation rates, performance of the stock market as well as stock tax collected by retail stores among others.

Interpreting numbers

The state has a set of economic experts who project the coming economic climate, how much the state can expect to collect in taxes, how much it will pay for necessary purchases if it looks like a good year economically, then there will be more to spend.

Strategic budgeting

The government’s services are neither easy nor quantifiable in strict economic conditions. Just like in a normal family setup, money spent on holidays and vacations cannot pay rent.

In the same context, comparisons among different programs such as how many highways are worth in comparison to building schools have to be done.

“Fair share” and “base.”

“Base” refers to the process of decision making, for example, that led to the creation of a program in the first place took into account the major arguments for and against. No matter the flaws of this kind of approach, anyone who has tried to put up a budget comprehends that there has to be a baseline.

Preparing the Budget

This begins when all agencies have begun to compile their annual estimates for the following year. This is then reviewed by the budget analysts who look for inaccuracies, major changes, and consistency with the governor’s programs. Budget examiners then review the budget and forward their recommendations in closed-door sessions with the unit heads. New York’s constitution gives the governor thirty days to revise the original budget.

Get your
100% original paper
on any topic

done in as little as
3 hours
Learn More

Bargaining Postures

The negotiations deals made by the speaker and majority leader with the Governor must pass collectively in their party conferences and ultimately in the legislature. Trust, in this case, is an important value in defining the relationships between party leaders and the Governor. The budget is put together in eight separate bills.

Print Сite this

Cite this paper

Select style

Reference

StudyCorgi. (2021, May 25). New York State's Taxing and Spending Values. Retrieved from https://studycorgi.com/new-york-states-taxing-and-spending-values/

Work Cited

"New York State's Taxing and Spending Values." StudyCorgi, 25 May 2021, studycorgi.com/new-york-states-taxing-and-spending-values/.

1. StudyCorgi. "New York State's Taxing and Spending Values." May 25, 2021. https://studycorgi.com/new-york-states-taxing-and-spending-values/.


Bibliography


StudyCorgi. "New York State's Taxing and Spending Values." May 25, 2021. https://studycorgi.com/new-york-states-taxing-and-spending-values/.

References

StudyCorgi. 2021. "New York State's Taxing and Spending Values." May 25, 2021. https://studycorgi.com/new-york-states-taxing-and-spending-values/.

References

StudyCorgi. (2021) 'New York State's Taxing and Spending Values'. 25 May.

Copy to clipboard

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.

Psst... Stuck with your
assignment? 😱
Susan
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
Yes
What type of assignment 📝 do you need?
Yes
How many pages (words) do you need? Let's see if we can help you!
Yes